Funding released for next phase of North Prospect regeneration

Funding released for next phase of North Prospect regeneration

We’ve secured a share of government grant funding to start preparatory work on Phase 4 of the North Prospect regeneration programme.

We’ve been awarded £321,250 from the Department for Communities and Local Government’s Estate Regeneration Fund.

The fund is sharing £32m amongst local authorities and housing associations across the country to speed up the building of thousands of new homes.

We’ll use our share to begin early planning and design work on North Prospect Phase 4.

Subject to planning consent, Phase 4, which is expected to cost around £28m, will have 190 new homes – 74 for rent, 36 for shared ownership through SO Living and 80 for open market sale.

The completion of this phase will rely on grant for new homes and we’ll have to bid for further funding.

James Savage, PCH Programme Manager, said: “It’s great news we’ve got this money to fund early work on Phase 4.

“We’ve already started to talk to architects in order to gain a better understanding of the scope for redevelopment. Completing this work now will help us deliver new homes in this phase between 2020 and 2022.”

We plan to rehome tenants in Phase 4 and buy back privately-owned homes between April 2018 and March 2020.

Demolition of Phase 4 will start in April 2020 and the new homes are expected to be finished by 2022.

News Archive